FORM 1099
New Bill Cracks Down on Misclassifying Employees
PAYMENTS
How Pressure to Delay Payments Triggers Hidden Cost
INTERNAL CONTROL
AP Pros Offer Tips on Paying From Invoice Copies or Faxes
News Briefs
IRS OKs Tool Reimbursement...Damages and Settlements...SIFL Rates for 2H09...Free T&E Spend Analysis...New Sales and Use Tax Rulings...Ferret Out Missing Invoice
AP Managers’ Forum
Freight Invoice Chaos... Match Game Close Snippit | Read Article
IOMA/TAPN AP CERTIFICATION PROGRAM
Register now for a one-day intensive AP review class to prepare for the AP Certification Exams. Close Snippit | Read Article
IRS OKs TOOL REIMBURSEMENT
The Internal Revenue Service (IRS) has been cracking down on employee tool reimbursement plans because the agency believes that many of them are designed for employers to dodge payroll taxes. Close Snippit | Read Article
Individuals who devote their careers to the accounts payable profession can earn a good salary. And those who make it to the upper echelon of AP can pull down average pay that approaches $100,000. This is revealed in our study of compensation of over 650 AP professionals who responded to our survey. The study analyzes data concerning salaries, bonuses, work experience, education, gender, and other variables that affect compensation for a wide range of AP job titles.
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If you use the electronic banking network to make payments to foreign vendors or individuals outside the United States, you must comply with new rules—or face stiff penalties. Close Snippit | Read Article
FREIGHT INVOICE CHAOS
Problem: "We were processing over 100 invoices each week for freight payments," said the AP manager for a large mining company.
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Legislation recently introduced in the House would limit existing "safe harbor" provisions for employers that have treated employees as Form 1099 independent contractors, increase tax penalties in misclassification cases, and make penalties more difficult to avoid.
New Bill
The Taxpayer Responsibility, Accountability and Consistency Act of 2009 (H.R. 3408), introduced by Rep. Jim McDermott (D-Wash.), would replace Section 530 of the Revenue Act of 1978 with a new federal tax law section that requires the Internal Revenue… Close Snippit | Read Article
Many AP departments are under unrelenting pressure from management to hold off paying invoices until the last possible moment. But what the corporate financial people often do not realize is that this tactic may cost their companies money—and it could be a bundle. That’s because many vendors will not pressure you for the payment--they simply send a second invoice that may not be marked "Copy" or "Duplicate."
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2010
